Consolidated Statements of Cash Flows - USD ($) $ in Millions		6 Months Ended
		Jun. 30, 2019	Jun. 30, 2018
Cash Flows from Operating Activities
Net income		$ 215	$ 217
Adjustments to reconcile net income to net cash provided by operating activities:
Provisions for losses		114	122
Amortization of underwriting expense		11	13
Deferred taxes		8	(24)
Changes in operating assets and liabilities:
Interest, taxes and other amounts due to/from affiliates		40	(114)
Other operating assets and liabilities		208	(41)
Net cash provided by operating activities		596	173
Cash Flows from Investing Activities
Net increase in Card Member receivables and Card Member loans		(1,847)	(2,805)
Net (increase) decrease in loans to affiliates and other	[1]	(234)	930
Net increase in due to/from affiliates		518	1,160
Net cash used in investing activities		(1,563)	(715)
Cash Flows from Financing Activities
Net decrease in short-term debt		(806)	(1,195)
Net increase in short-term debt to affiliates	[2]	203	2,174
Principal payments of long-term debt		(4,250)	(447)
Proceeds from long-term debt to affiliates	[2]	17,631	0
Principal payments of long-term Debt to affiliates	[1],[2]	(11,847)	0
Net cash provided by financing activities		931	532
Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash		4	(6)
Net decrease in cash, cash equivalents and restricted cash		(32)	(16)
Cash, cash equivalents and restricted cash at beginning of period		195	296
Cash, cash equivalents and restricted cash at end of period		$ 163	$ 280

[1] As a result of funding structure changes in the ordinary course of b usiness, Credco terminated the inter company loan agreement wit h American Express Limited and American Express International , Inc. and settled the related borrowings from American Express Company during the quarter ended June 30, 2019.

[2] Pursuant to the revision of the master note arrangement with American Express Company during the fourth quarter of 2018, Credco has changed the classification of the net borro wings from short-term debt to affiliates to long-term debt to affiliates .